all novices:before you start trading read this

[ironchef]

"fall off a cliff a 100 times and then you will recognise a cliff."

I don't think you get a second chance on that one. I have to say, your posts are funny. Not sure if it's intentional, but nonetheless they are funny.

It is intentional.

Actually he is a great trader, for 20 years.

 

[SimpleMeLike]

traders want to discover formulas...make rules....i tried that for long time

did not feel comfortable. it limits you tremendously.

Hello padutrader,

I was away for a day.

I agree with this part. I think as traders we want a rigid intraday strategy, because it makes it feels comfortable and systematic like a full time job. Like work, we do a task, and we get paid for it, we go home.

Traders want to trade like this : 1. When this candle does this and hit this line, do this. Repeat.

But from my expereince so far, it is not always that clear and straight forward. Everyday, the market does something different.

I like your statement of Read and then React.

Read, React, set risk, prepare for exit.

I think traders need to take trades based on what they see on the chart, and just bet on it. Risk it for about 50 trades and see what happen

 

[SimpleMeLike]

the market is continuously testing where the buyers are and where the sellers are and it will react to that.
not to some pivot level, support level, high or low....

now what are you going to react to

i do not predict.

i react.

I agree on the react part.

Why you do not like pivots on your day chart? Price reacts to the pivots daily. At a minium, I use them for trade management.

 

[SimpleMeLike]

i do not have a fixed way of thinking...i just see the market, what is doing..

it is like driving a car...see the traffic.....

and react

if somebody asks how do you drive..answer: i drive.

humans like to rationalise everything.

markets have to have 3 waves or have to reverse at 60% retracement or a pivot.....or some other stupid crap.

if you reallly check markets may reverse anywhere not at a pivot at a support or ...

there is only one thing i rely upon.....

if a seller comes into the market,he will not go away.
if a buyer comes into the market he will not go away

i watch for that....if market is moving up,are the sellers coming.

it will not fall when they come in but the next reversal pattern that comes i will take it....
the sellers are the context...but no seller wants to kill the momentum,no seller wants the market to go down,so they will sell that way...but the buyer will know sellers are there, and eventually the buyers will stop......either by stopping buying and then closing their positions or by taking the market up rapidly so that they can close out.
and then only sellers are there and the cycle takes place in reverse.
this happens all day long

padutrader,

I have one question for you. I understand what you are saying.

You enter based on the context of sellers and buyers, BUT how do you know when to exit the position.

In other words, do you exit the position based on :

1. Price action context, just like you entered? Meaning, you enter short trade, and you exit the position, when price action turns bullish.
2. A fixed profit target or fixed stop loss level?
3. X amount of pips for every trade?

Thanks,

 

[padutrader]

Why you do not like pivots on your day chart

I do not like too many things on the chart...in fact I just like to see how fast the bars are forming...but if I concentrate on 1-2 bars then sometimes I react to very short term movements or noise...so I wonder.....and get confuse and exit...that is why I am more comfortable scalping

 

[padutrader]

Everyday, the market does something different.

but it keeps doing it whole day....do not trade until you see what it is doing.
I make that mistake all the time....I like to trade and that is not a good thing

 

[padutrader]

I am happy you are asking me these questions because it forces me to think about it.

 

[padutrader]

"fall off a cliff a 100 times and then you will recognise a cliff."

I don't think you get a second chance on that one. I have to say, your posts are funny. Not sure if it's intentional, but nonetheless they are funny.

at least I do not bore

 

[padutrader]

I think see what the other traders are doing.....I like that...simple

 

[tenny1886]

Hello padutrader,

I was away for a day.

I agree with this part. I think as traders we want a rigid intraday strategy, because it makes it feels comfortable and systematic like a full time job. Like work, we do a task, and we get paid for it, we go home.

Traders want to trade like this : 1. When this candle does this and hit this line, do this. Repeat.

But from my expereince so far, it is not always that clear and straight forward. Everyday, the market does something different.

I like your statement of Read and then React.

Read, React, set risk, prepare for exit.

I think traders need to take trades based on what they see on the chart, and just bet on it. Risk it for about 50 trades and see what happen

interesting concept, very close to my trading style. I call it in short APE "anticipate, participate and exit". Especially when you are scalping you cannot form a bias, you can only follow market when it dictates the moves. For longer term trades involving more than 5-10 points then you can form a bias, i.e if you had an excellent entry at start of a minor / major trend. If not you will have to scalp and as scalpers 2-3 points is the goal. But its good to know the read, react and exit style that is exactly how i trade. Its a scalpers bible i think.